Saudi Gazette report

RIYADH — The American Doroni Aerospace company announced that it has decided, in partnership with Saudi entities, to manufacture H1-X ‘flying car.’ Designed for personal use, the HX-1 is a two-seater aircraft that can be parked in a two-car garage, charged at home, and can take off vertically from a driveway. Doroni Aerospace, a company based in Pompano Beach in Florida, said it has secured a $30 million strategic investment from Innovation Wings Industries (IWI), operating as Kingdom Aero Industries (KAI) in Saudi Arabia.

This investment will accelerate the company’s H1-X’s eVTOL (electric vertical take-off and landing) development, bringing Doroni closer to its goal of launching the aircraft by the end of 2026, said Doroni in a press release. “The definitive agreement includes plans for a joint venture to manufacture the H1-X in Saudi Arabia, starting in 2027, said Doroni. “The joint venture, co-owned and financed by KAI, will produce and distribute the aircraft globally, expanding Doroni’s market reach. Formalization of the agreement is expected in the coming months.

The $30 million investment includes an initial $5 million to be invested at the closing, with the remaining $25 million tied to key development milestones over the next two years. Upon completion, KAI will hold a 40 percent stake in Doroni, subject to future capital raises.

Doroni CEO Doron Merdinger said: “This investment accelerates everything—scaling development, certification, production, and hiring the best aerospace minds in the world to bring the H1-X to market by the end of 2026. We couldn’t be more excited for what’s ahead,” he said.

The agreement stipulates that KAI will produce the aircraft jointly with Doroni and distribute it around the world. Expected to be formalized in the coming months, the deal includes plans for a joint venture to manufacture the H1-X in Saudi Arabia from 2027 – expanding Doroni’s global footprint.

KAI’s investment will be made in stages – an initial $5 million is due upon the closing of the deal which is expected within 30 days. The remaining $25 million will be tied to key development milestones over the next two years.

Upon completion, KAI will hold a 40 percent stake in Doroni subject to future capital raises, and CEO of KAI Ismail Kashkash has also joined Doroni’s Board of Directors as part of the deal. “We believe Doroni is leading the future of personal eVTOL mobility, and the H1-X represents that future,” Kashkash said. “This partnership aligns with our mission to bring transformative air mobility solutions to the world. We are proud to help drive Doroni’s vision forward and establish a world-class manufacturing hub in Saudi Arabia,” he said.

Saudi Arabia is investing in advanced transportation technology as part of Vision 2030 projects, which aim to diversify the Saudi economy away from relying on oil revenues alone.